12/07/2015
Citizens Bank Provides $175 Million in Commercial Financing to TRC Companies
Lowell-based firm using funds to acquire division of Willbros Group
BOSTON – Citizens Bank announced today that it has provided $175 million in commercial financing to Lowell-based TRC Companies (NYSE: TRR), in part to be used for the previously announced $130 million acquisition of the Professional Services business segment of Tulsa, Okla.-based Willbros Group (NYSE: WG).
TRC Companies provides engineering, environmental consulting and construction management services to the energy, environmental and infrastructure markets.
Citizens Bank was the sole lead arrangers for $175 million in commercial credit facilities to facilitate the transaction for TRC.
“We are very pleased to have worked with the team at Citizens Bank on this significant transaction,” said TRC Chairman and Chief Executive Officer Chris Vincze. “The Citizens deal team offered great ideas, worked tirelessly and executed the transaction quickly and seamlessly.”
“This is an exciting time for TRC and we are glad to have been able to help the management team achieve their strategic and financial goals,” said Jerry Sargent, Head of Middle Market Banking at Citizens.
For more information on commercial financing, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $135.4 billion in assets as of September 30, 2015. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle‐market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid‐Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not‐for‐profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance.
Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
